Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez-limited" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez (GYG AU)</a> raised around US$221m in its Australian IPO. Its IPO linked partial lockup expiry is due soon.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its IPO linked partial lockup expiry is due soon.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we will talk about the lockup dynamics and possible placement.


Guzman IPO Lockup - Pop Done, Correction Ongoing, Now Time for the Lockup

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes</li><li>At an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25</li><li>However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).</li></ul>Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikesAt an aggregate level, we anticipate revenue and EBITDA growth of 9% and 1%, respectively, in 3QFY25However, profitability is expected to decline by 6% due to negative operating leverage and gross margin pressures (excluding the liquor segment).Content is an external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Consumer (3QFY25 Results Preview): Challenges Persist

Equity Capital Markets

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart (VMM)</a> raised around US$950m in its India IPO.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Vishal Mega Mart (VMM) raised around US$950m in its India IPO.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Devyani International  / Equity Bottom-Up

<ul><li>DIL’s Q2 EBITDA was ~13% below our estimate, on margin miss in KFC and higher HO costs.</li><li>India growth was modest at ~6% in Q2, mainly led by store adds, as KFC/PH India SSG fell 6-7% on weak demand and negative sentiment in a few regions (geo-politics).</li><li>While DIL is seeing greenshoots in some large markets, overall trend is subdued; but DIL sees this as a blip and continues with network expansion, menu innovation, and portfolio enhancement.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

DIL’s Q2 EBITDA was ~13% below our estimate, on margin miss in KFC and higher HO costs.India growth was modest at ~6% in Q2, mainly led by store adds, as KFC/PH India SSG fell 6-7% on weak demand and negative sentiment in a few regions (geo-politics).While DIL is seeing greenshoots in some large markets, overall trend is subdued; but DIL sees this as a blip and continues with network expansion, menu innovation, and portfolio enhancement.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Devyani International - Near-Term Weakness Compels Us to Retain REDUCE

<ul><li>Devyani International‘s (largest franchisee operator for KFC and Pizza Hut) 2QFY25 results were lower than our expectation despite decent show from International geography, owing to persistent weakness in Pizza Hut format b) Shraddh (inauspicious period) denting non-veg consumption, which in turn weighed on KFC SSSg</li><li>Weak performance in domestic was slightly offset by high single digit SSSg in costa coffee (8.7%) and low teen SSSg in Vaango.</li><li>India business: It saw muted 7% system sales growth owing to persistent pressure in core brands of KFC and Pizza Hut, which saw mid to high single digit decline. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Devyani International‘s (largest franchisee operator for KFC and Pizza Hut) 2QFY25 results were lower than our expectation despite decent show from International geography, owing to persistent weakness in Pizza Hut format b) Shraddh (inauspicious period) denting non-veg consumption, which in turn weighed on KFC SSSgWeak performance in domestic was slightly offset by high single digit SSSg in costa coffee (8.7%) and low teen SSSg in Vaango.India business: It saw muted 7% system sales growth owing to persistent pressure in core brands of KFC and Pizza Hut, which saw mid to high single digit decline. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Devyani International (2QFY25): One More Quarter of Disappointing Performance.

India

Devyani International Limited distributes groceries and related products. The Company operates franchisee business and chain of quick service restaurants. Devyani International serves customers in India.

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Devyani International (DEVYANI IN)

Guzman IPO Lockup - Pop Done, Correction Ongoing, Now Time for the Lockup

Guzman Y Gomez (GYG AU) raised around US$221m in its Australian IPO. Its IPO linked partial lockup expiry is due soon, if they stock manages to...

Sumeet Singh

Consumer (3QFY25 Results Preview): Challenges Persist

We expect our consumer coverage to report a high-single-digit revenue growth of 9% YoY, mainly driven by price hikes. At an aggregate level, we...

HDFC Securities

Vishal Mega Mart IPO Trading - Strong Demand Despite Not so Strong Anchor

Vishal Mega Mart (VMM) raised around US$950m in its India IPO. We have looked at the past performance in our earlier notes. In this note, we talk...

Sumeet Singh

Devyani International - Near-Term Weakness Compels Us to Retain REDUCE

India growth was modest at ~6% in Q2, mainly led by store adds, as KFC/PH India SSG fell 6-7% on weak demand and negative sentiment in a few...

Emkay

Devyani International (2QFY25): One More Quarter of Disappointing Performance.

It saw muted 7% system sales growth owing to persistent pressure in core brands of KFC and Pizza Hut, which saw mid to high single digit decline.

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)